Top1031

KB Sioux Falls (Fleet Farm Retail Center)

Single-tenant retail property in Sioux Falls, SD · sponsored by Kingsbarn Realty Capital

HistoricalLast Form D filed May 2, 2022 (opens in a new tab)

KB Sioux Falls (Fleet Farm Retail Center) was a DST sponsored by Kingsbarn Realty Capital that owned 2 single-tenant retail properties in Sioux Falls, SD. Its last Form D was filed May 2, 2022.

How it ended

No outcome recorded · under 7 years

Last Form D filed May 2, 2022.

Kingsbarn Realty Capital has 10 active offerings on record →

Key facts

Minimum investment
$202,000
From the Form D
Offering size
$20,200,000
Equity offered, per the Form D
Sold
12.1%
Form D, May 2, 2022; the % is our arithmetic
Investors reported
5
Form D, May 2, 2022
Selling commissions
$909,000 · 4.5% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

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Ask a 1031 specialist about this recordFree. About: KB Sioux Falls (Fleet Farm Retail Center). Top1031 is not a broker-dealer.
KB Sioux Falls (Fleet Farm Retail Center) image 1 of 2

KB Sioux Falls (Fleet Farm Retail Center) · Sioux Falls, SD · Photo: cdn.nwe.io

What did the Trust own?

Kingsbarn announced on April 21, 2022 that it had acquired the Fleet Farm Retail Center at 3035 West Fleet Street in Sioux Falls. 1 The store was built in 2019 and includes the main retail building plus a gas station, car wash, auto service center and garden center. 2 Kingsbarn's own program table, dated May 1, 2023, lists the KB Sioux Falls purchase price at $37,000,000. 3 The second portfolio property is not identified in any public source reviewed.

Reported location
Sioux Falls, SD
Property size
2 properties; 191,978 square feet

Tenant and lease terms are not in the SEC filings or cited sources.

How was it financed, and what did it cost to sell?

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$909,000 · 4.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,390,000 · 6.8% of offering
Form D Item 16
· The filing’s note: “An affiliate of KBEP will receive this amount for services provided in structuring the offering of the securities and acquisition of property associated therewith.”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Apr 27, 2022
Minimum investment
$202,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together.

What does the SEC record show?

Legal Trust name
KB Sioux Falls, DST
SEC CIK
1926198
First Form D
May 2, 2022
Latest Form D
May 2, 2022
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$20,200,000
$2,457,209
5
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

Common questions

What happened to KB Sioux Falls (Fleet Farm Retail Center)?
KB Sioux Falls (Fleet Farm Retail Center) is a Historical offering. Last Form D filed May 2, 2022.
What does KB Sioux Falls, DST actually own?
It holds the Fleet Farm Retail Center at 3035 West Fleet Street in Sioux Falls, South Dakota, which Kingsbarn Realty Capital announced acquiring on April 21, 2022. REBusinessOnline reported the property was built in 2019 and includes a main retail store, gas station, car wash, auto service center and garden center. Kingsbarn's program table also reports the Trust as holding two properties; the second property is not identified in public sources.
Who is the tenant and how long is the lease?
Fleet Farm, a Midwest retailer whose store page lists the Sioux Falls location as opened in 2019. At acquisition, REBusinessOnline reported more than 17 years remaining on the lease, and Kingsbarn's own release said the lease included annual rental escalations. Whether the lease is triple-net and how expenses are allocated are not stated in the public sources reviewed — those terms live in the offering documents.
What did Kingsbarn pay for it?
Kingsbarn's prior-performance table for its DST investment programs, dated May 1, 2023, lists KB Sioux Falls at a $37,000,000 purchase price. When REBusinessOnline reported the acquisition in April 2022, the price was undisclosed. The Form D reports the equity offering separately from the purchase price.
What is the minimum investment?
The Form D filed May 2, 2022 reported a minimum investment accepted from any outside investor of $202,000. The offering was made under Rule 506(c), so purchasers must be accredited investors whose status the issuer takes reasonable steps to verify — typically through tax documents or a letter from a CPA or attorney.
Does the Trust use mortgage debt?
No loan, mortgage or other leverage terms for KB Sioux Falls, DST were located in any public filing or press source reviewed. A Form D reports the equity being raised, not the debt stack. Whether the Trust carries a mortgage, and on what terms, would be disclosed in the offering documents.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.